Tocagen and ApolloBio enter license and development agreement in China
Tocagen and Beijing Apollo Venus Biomedical Technology, an affiliate of ApolloBio, a biopharmaceutical company focused on oncology, have entered into a license agreement providing ApolloBio with an exclusive license to develop and commercialize Toca 511 & Toca FC within the greater China region, including mainland China, Hong Kong, Macao and Taiwan. Toca 511 & Toca FC is a cancer-selective immunotherapy currently under evaluation in an international Phase 3 trial, called Toca 5, for patients with recurrent high grade glioma, a type of brain tumor. The product candidate has received Breakthrough Therapy Designation from the FDA and PRIority MEdicines designation from the EMA. Under the terms of the agreement, ApolloBio will make an upfront payment of $16M to Tocagen, plus potential payments of $4M in near-term development milestones, including completion of enrollment in the Toca 5 study. Tocagen will be eligible for additional future payments totaling up to $111M upon meeting certain development and commercial milestones. In addition, low double-digit tiered royalty payments will be made based on net sales. ApolloBio will be responsible for all development and commercialization costs in the licensed territory.